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Rupee to depreciate marginally – Sell USDINR at 73.05-72.90

As per the ICICI direct report on USDINR, the Indian rupee has dropped down again in its dollar-rupee contract.

Amid frailty in the domestic equity markets the currency has been losing its value.

In light of spot currency, the option concentration is also highlighting the range in between 73.05-72.90.

The Indian rupee value however has depreciated but this fall is reportedly very negligible or is a very marginal fall in the currency value.

On the other hand, the dollar has recovered very well and it has recovered most of the losses incurred in the past sessions.

With the closing bells on yesterday, the market witnessed a good bounce back at 90.7. With this, the DXY dollar index has come over all the declines.

However, it is also important to note that the Federal Reserve too carried on with its accommodative monetary policy yesterday. At a brighter note, a medium-term outlook can suggest new changes in the near session.

Although the USDINR pair retrograded in the previous session, but came back at neutral position with the closing bells.

The charts show that, selling USDINR in the range of 73.23 – 73.37 at a target range of 73.05-72.90 may get good returns. The February series is already giving hints for a call base placed at 73.50.

Further, the dollar-rupee pair on the NSE was at Rs 73.23 in the last session. However, the open interest rate has jumped up by 69% with the new session.

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